Freshest Figures Show New Home Prices Increase, Sales Decline in Augusta
Posted on: May 06, 2013 07:02:30 AM
In the Augusta, GA market, closings of new homes dropped year-over-year in February, and the percentage drop was steeper than January 2013. Closings fell 11.1% from a year earlier to 104, compared with an 8.3% decline in January from the year earlier.
A total of 1,682 new homes were sold during the 12 months that ended in February, down from 1,695 for the year that ended in January.
New home closings represented 16.9% of overall housing closings. This is down from the a year earlier when new home closings made up 19.2% of total closings. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.3% rise year-over-year to $201,031 per unit in February. This rise is a reversal from a 1.5% decline in January from a year earlier.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased to $196,418 in February, a 2.5% rise. In January 2013, average mortgage size on newly sold homes saw a 1.0% decline from a year earlier. The overall percentage of sale price that was being financed went from 97.4% of average price to 97.7% from a year earlier. It moved from 93.2% in January 2012 to 93.7% in January 2013.
Freshest Figures Show New Home Prices Increase, Sales Decline in Augusta
Posted on: May 06, 2013 07:02:30 AM
In the Augusta, GA market, closings of new homes dropped year-over-year in February, and the percentage drop was steeper than January 2013. Closings fell 11.1% from a year earlier to 104, compared with an 8.3% decline in January from the year earlier.
A total of 1,682 new homes were sold during the 12 months that ended in February, down from 1,695 for the year that ended in January.
New home closings represented 16.9% of overall housing closings. This is down from the a year earlier when new home closings made up 19.2% of total closings. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.3% rise year-over-year to $201,031 per unit in February. This rise is a reversal from a 1.5% decline in January from a year earlier.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased to $196,418 in February, a 2.5% rise. In January 2013, average mortgage size on newly sold homes saw a 1.0% decline from a year earlier. The overall percentage of sale price that was being financed went from 97.4% of average price to 97.7% from a year earlier. It moved from 93.2% in January 2012 to 93.7% in January 2013.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 99.1% of new home closings to all of closings while attached units have gone from 0.9% of closings to no part of closings.
For all new homes sold, the average unit size rose 1.8% year-over-year to 2,834 square feet in February 2013. The average size of newly sold homes moved from 2,860 square feet in January 2012 to 2,072 square feet in January 2013.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 43.9% of closings, below 56.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 22.7% in February from 34.2% a year earlier while REO closings as a percentage of existing home closings declined to 21.3% from 22.4% a year earlier.
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Source: Housing Intelligence